Cdbbank: Announcement in relation to the decision of the Central Bank of Cyprus

Cdbbank (Cyprus Development Bank) announces that following the decision of the Central Bank of Cyprus (CBC) to impose a fine, intends to comply with it immediately. It should be noted that the fine imposed refers to Central Bank checks covering periods up to 2016.

So as to comply fully with recommendations of the Central Bank of Cyprus, Cdbbank has already made all necessary administrative and operational changes and has taken all necessary steps to upgrade and improve its internal processes and policies. To this end, and to ensure full transparency and alignment with supervisory procedures, Cdbbank applies best practices based on international regulatory standards while systematically assessing all areas of its business operations.

Committed to delivering the highest level of service, Cdbbank has been investing heavily in upgrading its systems and technology infrastructure, as well as in training its highly skilled and experienced staff. At the same time, it focuses on the modernization of its corporate governance framework, having adopted strict and rigorous control procedures to ensure the Bank’s continued regulatory compliance and operational efficiency.